Recovery Tribunal allowed the Original Application filed by H.D.F.C. Bank against three borrowers for recovery of Rs. 22,65,402. The court reduced the claimed interest to 8% p.a. and ordered a Recovery Certificate.
Recovery of Rs.22,65,402 plus costs at 8% p.a. simple interest from the date of filing; issuance of Recovery Certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.279/2023 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 17.02.2023
DATE OF DECISION: 28.05.2025
H.D.F.C. Bank Ltd., a banking company carrying on the banking business under the Banking Regulations Act, 1949 incorporated under the companies act, 1956 and having its registered office at HDFC BANK HOUSE Senapati Bapat Marg, Lower Parel, Mumbai-400013 whereas branch at “Malout Branch, District Muktsar, (Punjab)” through Parampreet Singh Kahlon, Manager (Agri. Legal), H.D.F.C. Bank Ltd., Regional Office Chandigarh, (U.T.) being power of attorney holder of the applicant.
……..Applicant
Advocates:
Argued by, Sh. Saurabh Bhardwaj, Advocate for applicant Defendants are ex parte
FINAL ORDER
2 OA NO.279-2023 HDFC BANK LIMITED VS SATNAM SINGH AND OTHERS
3 OA NO.279-2023 HDFC BANK LIMITED VS SATNAM SINGH AND OTHERS
The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.22,65,402.00p (Rupees Twenty Two Lacs Sixty Five Thousand Four
4 OA NO.279-2023 HDFC BANK LIMITED VS SATNAM SINGH AND OTHERS
Hundred Two only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.
Pronounced by me in the open Tribunal . Dated: 28.05.2025.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether documentary evidence proves the defendants' liability for the outstanding loan amount.
Whether the claimed interest rate is appropriate given current market conditions.
Whether to issue a Recovery Certificate against the mortgaged and personal assets of the defaulters.
2 provisions across 2 enactments
H.D.F.C. Bank Ltd.
Sh. Satnam Singh
Sh. Gurpinder Singh
Sh. Dharampal Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
